JK Tyre & Industries on Wednesday reported a decline of 27.06 per cent in its standalone net profit for the quarter ended September 30, 2016.
The company's standalone net profit for the quarter under review decreased to Rs 82.10 crore from Rs 112.56 crore.
According to the company, its standalone total income from operations which includes gross sales and other operating income during the period ended September 30 slipped by 4.12 per cent to Rs 1,595.18 crore from Rs 1,663.79 crore earned during the corresponding period of 2015-16.
On a consolidated basis, the company's net profit for the quarter under review decreased by 9.86 per cent to Rs 101.40 crore from Rs 112.50 crore.
However, the company's consolidated total income from operations during the period ended September 30 increased by 5.22 per cent to Rs 2,069.91 crore from Rs 1,967.18 crore earned during the corresponding period of 2015-16.
"JK Tyre continues to surge ahead in the Indian market with higher sales in volume terms. The company continues to maintain its leadership in truck/bus radials and has recorded higher operating profit for the Qtr 2 on a consolidated basis," said Raghupati Singhania, Chairman and Managing Director of JK Tyre.
"Passenger radials and agri tyres have recorded double digit growth. With good monsoon coupled with renewed focus of the government on roads and infrastructure and marginally cheaper consumer financing, commercial vehicle sale is expected to show good growth in the coming period," Singhania was quoted in a statement.
Singhania added that import of cheaper Chinese tyres continues unabatedly in the truck/bus radial segment which is causing serious injury to the Indian tyre industry.
--IANS
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